Asian Economic News
South Korean Market Trades Lower; Tech, Shipping Stocks Decline
11/4/2009 10:30 PM ET
(RTTNews) -
Technology and shipbuilding stocks are among the prominent losers in the South Korean market, which is trading in the red on Thursday amid caution over the pace of economic recovery.
The benchmark KOSPI index, which opened at 1,568.7 and dropped down to 1,556.3 subsequently, is currently trading at 1,565, down 14.9 points or 0.94% from its previous close.
Tech heavyweight Samsung Electronics is trading lower by about 1.7%. LG Electronics is trading 2.3% down and Hynix Semiconductor is down with a loss of 1.8%, while LG Display LCD is trading flat.
In the shipping space, Daewoo Shipbuilding, Samsung Heavy Industries and Hyundai Heavy Industries are trading lower by 1.8%-2.3%, while bulk carrier STX Pan Ocean is down with a loss of 1.4%.
Among bank stocks, Woori Finance is gaining about 2.3% and Korea Exchange Bank is trading modestly higher, while KB Financial and Shinhan Financial are trading weak.
Among automobile stocks, Ssangyong Motor is up 1.5%, while Kia Motor and Hyundai Motor are trading lower by 0.5% and 2.3% respectively. Airlines, telecom oil and steel stocks are exhibiting weakness.
In economic news, South Korea's exports to China in October increased 9.7% from a year earlier, gaining for a second consecutive month.
In the currency market, the the won moved up to 1,170.90 against the dollar in early trades, but pared gains subsequently.
Among other markets in the Asia-Pacific region, Japan, Australia, Hong Kong, Indonesia, New Zealand and Singapore are trading lower. Taiwan is trading flat, while Shanghai is up in positive territory with a notable gain. Markets in the region had closed moderately higher on Wednesday.
On Wall Street, stocks ended on a mixed note for a second straight session on Wednesday, giving up earlier gains following news that the Federal Reserve left interest rates near record lows amid continued economic concerns.
The choppy trading came after the Fed left its target for the federal funds rate unchanged in a range from zero to a quarter percent and reiterated its assessment that "exceptionally" low rates will continue for an "extended period."
The major averages all saw notable downside in late day trading, pushing the tech-heavy Nasdaq into negative territory. The Nasdaq closed lower by 1.8 points, or 0.1%, at 2,055.5, while the Dow moved up 30.2 points, or 0.3%, to 9,802.1 and the S&P 500 gained 1.1 points, or 0.1% to close at 1,046.5.
Major European markets moved notably higher on Wednesday. U.K.'s FTSE 100 and the German DAX index gained 1.4% and 1.7% respectively, while the French CAC 40 index moved up 2.4%.
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